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Naira Scarcity: Latest CBN News, Update On Naira Notes For March 14th, 2023




Interest Rate Hike Will Increase Cost Of Borrowing - NECA Tells CBN

As the controversy associated with the new naira notes rages on, Naija News brings you the latest update on the controversial policy of the Central Bank of Nigeria (CBN).

Naira Redesign: Buhari Denies Directing Malami, Emefiele To Disobey Supreme Court [Full Text]

The Presidency on Monday clarified that President Muhammadu Buhari did not direct the Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami and governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, not to obey the supreme court ruling on the naira redesign policy.

In a statement on Monday evening, the presidency said: “The CBN has no reason not to comply with court orders on the excuse of waiting for directives from the President.”

Reacting to the public concerns about the failure of the apex bank to comply with the Supreme Court ruling ordering the validity of the old naira notes till December 31st, the presidency in the statement insisted that there was no time that the president directed the AGF and CBN governor not to obey the ruling.

The statement reads: “The Presidency wishes to react to some public concerns that President Buhari did not react to the Supreme Court judgement on the issue of the N500 and N1,000 old currency notes, and state here plainly and clearly that at no time did he instruct the Attorney General and the CBN Governor to disobey any court orders involving the government and other parties.

“Since the President was sworn into office in 2015, he has never directed anybody to defy court orders, in the strong belief that we can’t practise democracy without the rule of law, and the commitment of his administration to this principle has not changed.

“Following ongoing intense debate about the compliance concerning the legality of the old currency notes, the Presidency therefore wishes to state clearly that Pres. Buhari has not done anything knowingly & deliberately to interfere with or obstruct the administration of justice.

“The President is not a micromanager and will not, therefore, stop the AG and CBN Gov from performing details of their duties in accordance with the law. In any case, it is debatable at this time if there is proof of willful denial by the two of them, of the orders of the apex Court.”

NLC Issues 7-day Ultimatum To FG, Threatens Nationwide Strike Over Naira, Fuel Scarcity

Nigeria Labour Congress (NLC) has issued a 7-day ultimatum to the federal government to address current naira and fuel scarcity in the country.

President of the NLC, Comrade Joe Ajaero, made this known while briefing journalists at Labour House on Monday, Naija News reports.

Ajaero said the 7-day ultimatum is one of the resolutions of a meeting convened by the Central Working Committee of the Congress.

The NLC leader said the union would declare a nationwide strike and mass action if the two major problems are not addressed after seven days.

CBN Denies Soludo’s Statement On Naira Policy, Speaks On Old Notes

The Central Bank of Nigeria (CBN) on Monday spoke on ordering commercial banks across the country to dispense and accept the deposit of old Naira notes.

This is coming after the Governor of Anambra State, Chukwuma Soludo claimed that the apex bank directed banks to accept the old notes.

The Acting Director of Corporate Communication CBN, Isa Abdulmumin in a chat with Daily Post, however, debunked the claim of Governor Soludo.

He said there is no statement from CBN directing commercial banks to dispense and accept the old N500 and N1000 notes from Nigerians.

According to Abdulmumin, Soludo’s statement on the policy emanated from him and not CBN.

CBN Order Banks To Dispense Old Naira Notes

The Central Bank of Nigeria (CBN) has reportedly directed commercial banks across the country to dispense the old naira notes inline with the ruling of the Supreme Court.

Naija News reports that this was made known by the Governor of Anambra State, Charles Chukwuma Soludo, who is a former CBN governor.

In a post on his Facebook page on Monday, Soludo urged the state residents to transact with the old naira notes and report banks that refuse to accept the notes.

He said that the new development was confirmed to him by the CBN governor, Godwin Emefiele.

The Anambra Governor said tellers at the commercial banks are to generate the codes for deposits and there is no limit to the number of times an individual or company can make deposits.

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Soludo said the CBN Governor gave the directive at a Bankers’ Committee meeting held on Sunday, 12th March, 2023.